Recently, at an important meeting, Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch, stated that the banking sector is supporting enterprises in key national economic sectors through preferential credit.
This meeting, jointly organized by the Ho Chi Minh City Investment and Trade Promotion Center and the State Bank’s Ho Chi Minh City branch, aimed to help enterprises resolve loan difficulties and promote financing connections between export enterprises and banks.
Nguyen Duc Lenh pointed out that the export sector is one of five priority development areas eligible for preferential short-term Vietnamese dong credit programs with an interest rate cap of 4%. This policy has created favorable conditions for enterprises to expand production and operations, effectively promoting development in this sector.
According to reports, in Ho Chi Minh City alone, the Vietnamese dong loan balance for export enterprises exceeds 105.3 trillion dong (approximately $4.2 billion), accounting for 6.21% of total loans in the five priority areas (SMEs, exports, agriculture and rural areas, supporting industries, high-tech enterprises).
Nguyen Duc Lenh emphasized that the State Bank, through effective exchange rate and interest rate management tools and flexible exchange rate policies, has not only ensured currency stability and inflation control but also maintained smooth foreign exchange market operations. This stability is crucial for business operations, particularly in promoting the development of import-export enterprises.
At the meeting, enterprises generally expressed that the current low-interest-rate environment provides substantial support for obtaining preferential loans needed for production and operations. However, many import-export enterprises reported not yet receiving bank preferential loans and hoped the banking sector could provide specific guidance to help enterprises obtain loans with 3-4% annual interest rates.
During the meeting, Vietcombank’s Ho Chi Minh City branch held a credit signing ceremony with 20 export enterprises from the city. This initiative aims to strengthen bank-enterprise connections, support enterprises in enhancing export capabilities and technical upgrading, and meet enterprise end-of-year funding needs.
Key Points:
- State Bank of Vietnam implements preferential credit policies, focusing support on five priority areas including exports.
- Ho Chi Minh City export enterprise loan balance reaches 105.3 trillion dong, accounting for 6.21% of priority area total loans.
- State Bank takes multiple measures to ensure exchange rate and financial market stability.
- Enterprises generally expect more support through 3-4% low-interest loans.
- Vietcombank signs credit agreements with 20 export enterprises, strengthening bank-enterprise cooperation.
